MANILA, Philippines — The ASEAN Social Security Association (ASSA) has reported $1.3 trillion in collective assets under management as its leadership will formally be transferred to the Philippines.
During ASSA’s 41st conference and board meetings, Government Service Insurance System (GSIS) president and general manager Jose Arnulfo Veloso said leveraging the pooled resources is crucial for driving regional progress.
“The $1.3 trillion in collective assets under our management represents more than just financial strength. It positions us members as significant players in global capital markets and demonstrates our capacity to influence economic trends,” he said.
Veloso, who currently sits as ASSA’s vice chairperson, said there is “tremendous responsibility” in deploying the association’s $1.3 trillion long-term funds strategically.
“We collectively hold a very huge amount of funds that we are supposed to grow for the benefit of our members. Collectively, what we need is to make safe investments, not only for our respective nations, but to help the rest of ASEAN,” he said.
ASSA’s current chairperson Ahmad Zulqarnain Onn said the series of meetings from Nov. 25 to Nov. 27 would help the body determine where these investible funds are best deployed.
“Capital is best deployed when there is great knowledge about the needs of those that require capital and there is great knowledge surrounding how to manage the risks of investments as well,” Onn said.
According to Veloso, the Philippine Social Security Association (PhilSSA) has contributed to ASSA’s pooled resources, with the GSIS alone managing $33 billion in investable funds.
The PhilSSA is composed of the GSIS, Philippine Charity Sweepstakes Office, Social Security System, Philippine Health Insurance Corp., Home Development Mutual Fund and Employees’ Compensation Commission.
Veloso also said there is a need to enhance collaboration as the Philippines is set to take over the ASSA chairmanship this year.
“What we probably can further enhance is the sharing of information, the sharing of how we can manage risks, the sharing of what industries can best put ASEAN in a competitive advantage to the rest of the world,” he said.
Onn is confident that under Veloso, ASSA will continue to strengthen collaboration and sharing of knowledge to create stronger social security systems in the ASEAN region.
“It is that spirit of partnership that defines us all and it gives me great confidence that we have built very strong foundations over the past 26 years,” he said.
“I’m confident that as we transition the chairmanship from Malaysia to the Philippines under the leadership of vice chairman Veloso, those foundations will continue to be strengthened for a very long time,” he added.
ASSA was founded in 1998 by seven institutions including the GSIS. It now comprises social security institutions from ASEAN member economies which are dedicated to the development of social security programs in the region.